Michael Spencer, the founder and chief executive of ICAP, has distanced the
inter-dealer broker from the Libor-fixing scandal engulfing banks worldwide.

Last year, the broker said it had been asked to provide information to investigators and said it was co-operating fully with the authorities.

ICAP

Speaking to analysts as the company issued a trading update, former Conservative Party treasurer Mr Spencer said: “ICAP has nothing to do with the setting of Libor. It does not supply data and is not a bank.”

His comments came as ICAP revealed its first-quarter profits had fallen by 9pc as broking activity was hit by the eurozone debt crisis, Jubilee holidays and regulatory uncertainty.

The company said that in the short term, ongoing economic uncertainty, potential impact of the London Olympics and the US elections meant it expected trading volumes to remain subdued for at least the next few months.

Despite the fall in first-quarter revenue, ICAP said it expected full-year profits to be between £335m and £365m, compared to £354m last year. The group said it also expected to make an additional £50m in savings by the end of this year, compared to its original target of April 2014.

ICAP completed the acquisition of Plus Markets for £500,000 last month and said it was “well positioned to leverage Plus’s exchange status to offer new products and solutions”.

ICAP also held its annual meeting in London, where 88pc of investors backed the company’s remuneration package. In June, the company cut executive pay and overhauled its remuneration system amid fears it could become another victim of the “shareholder spring”.

Mr Spencer reduced his package by a quarter to £5.5m.

The shares in ICAP rose 4.6 to 315.7p.

• ICAP has followed companies such as National Grid, Tesco and Royal Bank of Scotland by launching a retail bond, paying 5.5pc interest. The bond will be subject to a minimum initial investment of £1,000 with additional deposits of £100 of more permitted.